However, we do not take that for granted. On Tuesday, debt-laden dry bulk shipper Navios Maritime Holdings (NYSE:NM) announced the eagerly-awaited terms of its widely-anticipated bailout by CEO and Chairwoman Angeliki Frangou: Remember, the company will be required to repay $455.5 million in 7.375% First Priority Ship Mortgage Notes (the "Ship Mortgage Notes") next month followed by $155 million in 11.25% Senior Secured Notes in August (the "Senior Secured Notes"). The complaint, filed in New York federal court last week, charges the Greek shipping magnate and the company's directors with setting up a scheme to get around paying out accrued dividends owed to preferred shareholders, in an effort to pay dividends on common stock. I mean, you have much larger asset base. In just the last month, sub trade time charter rates have hit 10-year highs in what is normally a seasonal low period. Angeliki? And we have seen that, we have $1.6 billion contracted revenue on containers, $2.2 billion overall on the company. The loan terms also provide for prepayment premiums ranging from 5%-10% during the first 36 months which would also be payable in the form of Convertible Debentures. This will be a transformative transaction for Navios Partners and will carry the significant benefits of diversification. Terms of the bail-out package will likely result in Ms. Frangou regaining full control of Navios Maritime Holdings. Our contracted revenue alone exceeds our total fleet expenses by $12.6 million. The container segment began strengthening in the third quarter of 2020, while the dry bulk market become turning in 2021. The bailout terms will likely result in Angeliki Frangou regaining full control of her shipping empire over the next 18 months with the ultimate outcome likely a merger between Navios Maritime . We consolidated our separate activities in dry bulk and in containers and in tanker under one roof. We have a contracted revenue pipeline of about $2.2 billion and about 58% of our 2022 available days are currently exposed to the market. We'll go next to Omar Nokta, Clarksons Securities. In the West, the worst impacts of Covid appear to be fading. Since 2015, Ms. Frangou has also been a Member of the Board of Trustees of Fairleigh Dickinson University. In addition, I am having a close eye on the still nascent fuel cell industry.I am located in Germany and have worked quite some time as an auditor for PricewaterhouseCoopers before becoming a daytrader almost 20 years ago. People seem to have concluded that you cannot reliably provide goods if the system has a single point of failure. Slide 6 details our Company highlights. The pandemic substitution of goods for services is returning to more normal levels; expenditures for travel and entertainment and services generally are skyrocketing. Next, Ms. Tsironi will give an overview of Navios Partners financial results. quarter of 2020. You'll see the webcasting link in the middle of the page, and a copy of the presentation referenced in today's earnings conference call will also be found there. In conclusion, positive demand fundamentals, mainly due to the start of economic activity around the world, along with reduced fleet availability, should continue to support both the dry bulk and containerized shipping industries in their continuing effort to mitigate through raising pandemic stall. Angeliki Frangou has been Navios Logistics' Chairwoman and a Member of the Board of Directors since its inception in December 2007. We have currently fixed 66% of our 29,526 available days for 2021. In concluding our drybulk sector review, demand is forecast to outpace net fleet growth in both 2021 and '22, a strong demand for natural resources combined with continuing COVID-related logistical disruptions and a slowing pace of new building deliveries, all support healthy levels of current and future freight rates. We are 86, which I think is a rather big percentage for our drybulk to be open. About Navios Maritime Holdings Inc. Navios Maritime Holdings Inc. (NYSE: NM) is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain. 2021 dry bulk trade is projected to increase by 3.7%, and further increased by 2.2% in '22. And how will you balance that with maybe unit repurchases as you're still trading at a pretty massive discount to NAV. Angeliki Frangou biography. In addition, Russia and Ukraine account for about one third of the global wheat supply and 186.7 million tons of seaborne coal. Angeliki Frangou, Chairwoman and Chief Executive Officer, stated, "We are pleased with this transformative transaction through which we created the largest U.S. publicly-listed shipping company with 15 vessel types diversified across three segments, servicing more than 10 end markets. As a result we fixed 88.1% of our available containership days for 2022 and have $1.6 billion in total contracted revenue on charters extending through 2030. Angeliki Frangou is Chairman and Chief Executive Officer of Navios Holdings. During Q3, Navios Partners recorded revenue of $228 million, adjusted EBITDA of $145.2 million and net income of $162.1 million. So basically, we have a fortress balance sheet. And then now that, obviously, the dry bulk and containership markets are both extremely strong. TradeWinds is part of DN Media Group AS. With us today from the Company are Chairwoman and CEO, Ms. Angeliki Frangou; Chief Operating Officer, Mr. Stratos Desypris; Chief Financial Officer, Ms. Eri Tsironi; and Executive Vice President of Business Development, Mr. George Achniotis. Okay. Demand and restocking is expected to prove demand growth well above net fleet growth, supporting the recent dramatic rising rates. For returning coal high gas prices have driven power plants to switch back to coal-fired power generation, and the IEA estimates that global coal-fired electricity generation is expected to rise by nearly 5% this year and exceed pre-pandemic levels before increasing a further 3% to an all-time high in 2022. Please. So, I guess going forward, is there a specific debt target or leverage ratio you're pursuing before kind of switching to some kind of return of capital, be it either repurchasing units at a massive discount to NAV or increasing the quarterly distribution? This would lead to a pickup in scrapping in 2022 and high scrapping prices combined with IMO 2023 CO2 reduction rules may induce a portion of the overage fleet to scrap. Time charter revenue for the year increased to $226.8 million compared to $219.4 million in 2019. I would also like to highlight that 2021 results not comparable to 2020 as in 2021 NMM acquired two companies and is expected to increase its available days by 85% in 2021 and by 171% in 2022 compared to 2020. Angeliki Frangou, chief executive of Navios Maritime Holdings and Navios Maritime Partners speaks at a company dinner at the National Gallery in Athens in June 2022. http://edition.cnn.com/video/#/video/business/2013/02/12/leading-women-angeliki-frangou-navios-shipping.cnn, http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn, http://edition.cnn.com/SPECIALS/leading-women. The floor is now open for questions. Navios has deescalating [indiscernible] options on the vessels starting in year 4 before the charter generation. I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. Investors should avoid Navios Maritime Holdings' common shares and remain wary of a potential merger with Navios Maritime Partners to the detriment of the partnership's outside common unitholders. You have this low break-even, 2,400, historically the lowest. DN Media Group is the leading news provider in the shipping, seafood, and energy industries, with a number of English- and Norwegian-language news publications across a variety of sectors. I am pleased with our results for the third quarter of 2021. I'd like to turn the floor back over to Angeliki Frangou for any closing remarks. And that is something that we are not shy doing. Additionally, we are positioning our dry bulk fleet for what we hope will be a strong balance of 2021. Angeliki Frangou. But the reality is just to go back to your question is, is the following thing, I mean, the capacity of the ship - the shipyard capacities has been full, and also we see that materials maybe going up. You mentioned that you sold the 2006 Panamax, but still have a handful of 2004 and 2005 built vessels. We remain disciplined. These vessels were acquired for an aggregate purchase price of $370 million. This increase in demand has led to a decline in OECD crude oil inventories, which had fallen below their five year average since February, with the largest decline coming in September as shown on the graph on the lower right. At this point, I would like to turn the call over to Mr. Stratos Desypris, our Chief Operating Officer, that will take you through the segment data. Please turn to Slide 4. Thank you, Doris, and good morning to all of you joining us on today's call. Angeliki Frangou has been the Chairman and Chief Executive Officer of Navios Maritime Holdings Inc. (NYSE: NM) since August 25, 2005. And to capture the spot market and wait for the period market to come. Definitely sounds like you have the flexibility across the board with that. Big picture just, you should understand that all the inefficiency is net positive for our business. For the fourth quarter, Navios Partners reported revenue of $69.2 million and adjusted EBITDA of $35.5 million. Please. The recently completed merger with Navios Acquisition gave us a strong foothold in this tanker sector with 45 tanker vessels. We have about - commercial banks, about $600 million in Japanese and Chinese leases, which provides us more easier covenant. Yiayia Aggela in the 1980s with her husband, children Yianni and Sofia, her son-in-law, and a grandson. Moving to the financial results, as shown on Slide 11, Q4 revenue increased by $7.9 million to $69.2 million compared to $61.3 million for Q4 2019. How Angeliki Frangou became the leading Greek shipping . Scrapping totaled 16 million tons in 2020, almost doubles the 2019 total. Total adjusted net income was $130 million compared to $8.8 million for the same period last year. Founder of Maritime Enterprises Management SA, Angeliki N. Frangou is a businessperson who has been at the helm of 14 different companies and currently occupies the position of Chairman at IRF European Finance Investments Ltd., Chairman & Chief Executive Officer at Navios Maritime Partners LP, Chairman & Chief Executive . You'll see the webcast link in the middle of the page and a copy of the presentation referenced in today's earnings conference call will also be found there. For the full year of 2020, Navios Partners reported revenue of $226.8 million and adjusted EBITDA of $99.8 million. If you have an ad-blocker enabled you may be blocked from proceeding. Our three pillars are now working well, both drybulk and containership sectors are performing and the tanker sector has improved materially in the past few months with more improvement expected. own rates rose dramatically from midyear 2020, led by the China to the U.S. West Coast and China to Europe freight rates as depicted on the chart on the lower rides. All grain production this year will reach a record according to the international gains counting and the USDA. To read more about DN Media Group, The current orderbook stands at 6.8% of the fleet. Greece and Cyprus: the success story of the Eastern Mediterranean, says Endy Zemenides, A Visit to St. Nicholas National Shrine at the WTC, Hellenic Lawyers Association Holds 32nd Annual Gala, National Hellenic Society Fundraiser in NY for the Promotion and Preservation of Greek Heritage a Great Success, Carol Burnett The First Lady of Television Comedy, 3rd Annual Athens Square Park Christmas Tree Lighting Ceremony, The Hellenic Initiatives 10th Anniversary New York Gala Raises More Than $2M, Were Back! Annunciation G.O. Worldwide grain trade has been growing by over 5% CAGR since 2008 mainly driven by Asian demand, which increased by 15% in 2020 and is expected to increase a further 2.9% in '21. Fleet utilization was approximately 99%. I will briefly discuss on key balance sheet data as of December 31, 2020. Angeliki? Ms. When it comes to philanthropy, Greeks invented the word, but by Chris Salboudis On Saturday December 3, 2022, after a Navios Angeliki Frangou: The Pandemic Galvanized Us! It can be accessed online at: http://edition.cnn.com/video/#/video/business/2013/02/19/leading-women-angeliki-frangou-daniela-mercury.cnn. Even this metric somewhat understates the opportunity as the underlying rate market for year-to-date in 2021 is materially higher than it was on the average for 2020. Is this happening to you frequently? We see that it is a different set of fundamentals important. Such risks are fully discussed and are described in filings with the Securities and Exchange Commission. Shipping is always very, very profitable. She is currently single. Next, Mr. Desypris will give an overview of Navios Partners segment data. Nikos Fragos and daughter Angeliki Frangou Greek Shipping Awards and TradeWinds Wealth: $192 million (151 million) Industry: Shipping Nikos started Good Faith Shipping Co in 1966. The move would be a financial windfall for Frangou, who owns 30.6%, TradeWinds is part of DN Media Group. Additionally, we have a staggered maturity profile with no significant maturities through 2023. Turning to Slide 22. NMM has an enhanced base to generate free cash flow. TradeWinds is part of NHST Global Publications AS and we are responsible for the data that you register with us, and the data we collect when you visit our websites. George? Global grain trade has been growing by 5% CAGR since 2008, mainly driven by Asian demand. We are about two years below industry average. Now 30,000 is a very good level. About a third of our fleet operate in each of the drybulk, containerships and tanker segment. You can pay down debt aggressively, you can reward shareholders aggressively and you can actually acquire assets fairly aggressively. In addition, Ms. Frangou has been the Chairwoman and Chief Executive Officer of Navios Maritime Partners L.P. (NYSE: NMM), an affiliated limited partnership, since August 2007.Ms. According to our Database, She has no children. I'll turn it over. Please disable your ad-blocker and refresh. Excluding these items, total adjusted EBITDA for Q3 amounted to $145 million compared to $31 million for the same period last year. A London High Court trial is under way in a complex dispute between Greek shipowner Angeliki Frangou and her brother, John Frangos. Long-term borrowings including the current portion net of deferred fees amounted to $1.4 billion. You need to wait and see that market develop. For the fourth quarter, we generated $35.5 million in adjusted EBITDA. Both related-party loans have a term of four years and won't require cash interest or amortization payments for an initial 18-month period (the "PIK Period"). convertible debentures (the "Convertible Debentures"). At Navios, the pandemic galvanized us. The large entity will benefit from a simplified capital and an organizational structure, thereby, reducing costs. And this is something we like to give the flexibility of having the Asian leases plus the commercial banks in Europe. Navios Maritime Partners L.P. (NYSE:NMM) Q4 2020 Earnings Conference Call March 24, 2021 8:30 AM ET, Georgios Achniotis - EVP of Business Development. This completes our Q4 results. Click to read the full policy [+]. We are not shy of actually fixing it. The bailout terms will likely result in Angeliki Frangou regaining full control of her shipping empire over the next 18 months with the ultimate outcome likely a merger between Navios Maritime Holdings and Navios Partners with Ms. Frangou grabbing a large stake in the combined company. So what you should expect from us is a replacement of assets, the new and of fleet, which is part of our ongoing process and strong cash generation with a deleveraging effect. in Stamford Chief executive Angeliki Frangou has further grown her stake in Navios Maritime Holdings by converting more bonds into shares as part of a massive refinancing that closed at the. Navios Partners does not assume any obligation to update the information contained in this conference call. We have 89.4% of our available container base fixed to capitalize on market strength with 53.5% of our available dry bulk vessel base exposed to market rate for 2021. Next, Mr. Desypris, will give an overview of Navios Partner's financial results. Despite the pandemic, China set another year record for iron ore imports in 2020 at about 1.15 billion tons which is an increase of 9.4% over '19. We do not see this easing anytime soon, but we are watching it carefully, Angeliki Frangou concluded. CNN International's Leading Women with Becky Anderson airs every Tuesday on News Stream at 9:00 pm HKT/ 1:00 pm GMT / 8:00 am ET and Connect the World with Becky Anderson at 5:00 am HKT / 9:00 pm GMT / 4:00 pm ET. On the S&P, we have sold the 2006 Panamax, Panamax vessel for $14 million. And this is the strategy going forward. Here you fix them for the 37,000 a day, which, as I run the numbers, it looks like a 5-year payback, which sounds pretty substantial given these are new buildings. But just trying to understand, basically the lack of visibility has been sort of discouraged, sort of incremental ordering or sort of any commitments under customers' part. What is unique - what we like about this is vessel is about in the [indiscernible] flexible vessel at 260 meters, very nice dimensions, you can actually take advantage of the point to point transportation that is now developing the difference on the supply chains and from - and all these, you know just in time to just in case. The entity will have an enhanced credit profile through increased cash flow supporting deleveraging as well as growth. Conclusion, positive demand fundamentals, mainly due to the restart of economic activity around the world, along with reduced fleet availability to support the container shipping industry. Fleet utilization was approximately 99%. This is unique. For simplicity, the discussion of the financial results below exclude the effect of the one-off items listed in this slide. So this is a net benefit, the inefficiency. NMM is well positioned to benefit from the different sector fundamentals. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. So this is a big investment for Q3. We are a premier dry cargo shipping platform with about $900 million of contracted revenue. Our cash balance was $141.2 million as of September 30, and we have 28.3% in net LTV. Part 3 recaps Angeliki Frangou's career and the Navios Group. We have - we see the potential, but we see - we need to see it materialize. And the tanker sector is just coming off - just coming up from a very low point, which was the lowest point in Q3. Not only does diversification provide strength but it also brings opportunity. Slide 7 sets forth key strength of the compliance entity. Our market exposure days are calibrated towards drybulk and tanker vessels, while about 88% of our containerships are fixed. Had the merger been effective for 2020, the pro forma revenue would have been $354 million. Ms. Frangou has also been Chairwoman and CEO of Navios Holdings (NYSE: NM) our sponsor since August 2005. The proceeds of these new financing agreements together with available cash will be used to repay all outstanding Ship Mortgage Notes and redeem an additional $50.0 million of Senior Secured Notes (after which $105.0 million will remain outstanding). The pandemic changed everything. So we need to wait for the drybulk, we enjoy the - we have the luxury because of our balance sheet and a low break-even to really to have the luxury to be open. But we have the luxuries. So this is basically what we have been doing and what we are seeing developing. Definitely looks well-timed and a good overall return. I now pass the call to George Achniotis, Executive Vice President of Business Development to discuss the industry section. At Navios, the pandemic galvanized us. Angeliki? Angeliki Frangou led the creation of approximately $4 billion in total value at the Navios Group, comprised of four global maritime shipping and logistics companies, three of which trade on the New York Stock Exchange, including Navios Maritime Holdings Inc. (NYSE: NM), Navios Maritime Partners L.P. (NYSE: NMM) and Navios Maritime Acquisition Corporation (NYSE: NNA). Vessels over 20 years of age are 11.3% of the total fleet, which compares favorably with a low orderbook. Our 2021 contracted revenue exceeded our total fleet expenses by $12.6 million, with more than 1/3 of our available base open and index linked, there is an ample opportunity to provide further free cash flow. Please turn to Slide 18. For 2022 we expect a historically low break-even of $2,469 per open day with 58% of our 47,268 available days open or index-linked providing us with a market exposure. The Globe and Mail A 14,000-ton freighter, the Fulvia, lay in Rio de Janeiro, unloved and very. Angeliki Frangou has been our Chairwoman and Chief Executive Officer since our inception. But purely the volatility that we show create, you know, people are still waiting to make an assessment on period. First, the pandemic highlighted the weakness of just in time manufacturing. Ms. Frangou is the Chairman and Chief Executive Officer of and the beneficial owner of all of the equity securities of Navios Shipmanagement Holdings Corporation ( "NSM" ). This completes our formal presentation, and we open the call to questions. And I did want to also just ask about the containership charters, which I thought were, you know, you ordered thus four plus two shifts, if I recall. First Navios Maritime suit ended with revised offer. Slide 9 details our operating cash flow potential for 2021, 66% of our available base as fixed -- at an average rate of $18,612 net per day. His daughter. It's more diversified, you're thinking about basically moving forward with an even lower level of leverage than you have. This increase reflects surging trades, driven by strong demand for both major and minor bulk commodities. I have no business relationship with any company whose stock is mentioned in this article. The increase were mitigated by a 17.4% decrease in the time charter equivalent rate achieved in the fourth quarter of 2020. Asian coal imports, which account for over 80% of the world's imports trade, are expected to increase by 4.3% in 2021, following a decline of 6.8% in 2020. Actually, what we are doing is repositioning a fleet. We are going to acquire 3 Janpanese fleet mid-sized vessels contracted under 15 gigabits of instruction. Lastly within our Tanker segment, our long-term contracts provide protection and 65% of our 2022 available days remain open to capture the ongoing market recovery. We actively renew and expand our fleet. We aspire to have zero emissions by 2050. This concludes my presentation. On average, we are approximately just over $15,000 chartered on the dry side and around $17,000 on the containerships. As you can see from the top graph on the space, the IMF expects global GDP to grow by 5.5% in 2021. About 91% of our debt is covered by the scrap value of our vessels alone. At the same time, but there is increasing industrial production and economic growth in China. From a shipping perspective, building for resilience translates into more ton miles as things are duplicated,.
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